Ireland 
USA Changes to inheritance tax business reliefs
Potential challenges for business owners and entrepreneurs following the Chancellor's announcement
Although the changes to inheritance tax (IHT) in the Autumn Budget were not quite as extensive as some people anticipated, there are significant changes to the way IHT business reliefs will apply in the future.
What does this mean for family businesses?
The introduction of these restrictions to IHT business reliefs will make it more expensive to pass a family firm on to the next generation. In turn, this could put some long-standing companies at risk, especially if family members of the impacted business owners are landed with a sizeable IHT bill.
Toby Tallon, tax partner, comments: “Businesses plan for many variables and risks, but the trickiest and most painful one is the death of the owner manager. On top of the personal loss for the family, the last thing that the employees, suppliers and local community want is for the business to be sold in order to pay IHT. However, following the Chancellor’s announcement, many families will now be left in the difficult position of considering whether businesses should continue trading.”
Speak to Evelyn Partners about your financial plan
There have been significant changes announced in the Autumn Budget, which could have implications for your financial plan. That makes it a great time to speak to a professional about your situation, and at Evelyn Partners we have the experts who can help. You can speak to your usual Evelyn Partners contact, book a free initial consultation online, or call 020 7189 2400.
